Joe Hockey foreshadows rise to superannuation 'preservation age'

Treasurer Joe Hockey has foreshadowed a rise in the age at which Australians can access their superannuation savings.

Appearing on ABC’s Q&A program, Mr Hockey confirmed that a change to the "preservation age" - currently 60 for people born after 1964, and 55 for those older than that - will be altered in the current term of government.

The Abbott government has raised the pension age to 70 to be phased upwards over the next two decades.

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Mr Hockey said the discussion on what age people should be allowed to access superannuation had begun inside the Coalition.

"It is on my mind, and Tony Abbott's mind, we are thinking about the quality of life for Australians into the future is sustainable,” he said.

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"I suspect it will be in this term because I think what we're trying to do is give people a long lead time, a long lead time. So to go from 67 in 2023 which Labor introduced, to 70 is a continuation of the trajectory that the previous government put in.”

The Australian Financial Review reported last month that the preservation age would be considered by the inquiry into financial services headed by former Commonwealth Bank boss David Murray.

"We are thinking about the quality of life for Australians into the future is sustainable": Treasurer Joe Hockey answers questions on the ABC's live Q&A programme. Photo: Wolter Peeters

Any recommendations would be taken to the next election.

Asked on Tuesday if raising the superannuation access age was being considered, Mr Abbott said the government was keeping its commitments regarding superannuation.

''We went into the election saying that apart from a couple of very small already announced changes we weren't proposing to make any changes to superannuation in this term of Parliament,'' he told reporters in Canberra.

''We think that there have been lots and lots of changes to superannuation over the years. Some which we were enthusiastic about, some which we were unenthusiastic about, a period of stability in respect of superannuation is right and proper and there won't be any changes in this term of Parliament.''

Opposition Leader Bill Shorten said the idea of raising the age at which people could access their superannuation was "a breath-taking act of arrogance" from Mr Hockey.

"Where does Joe Hockey get off saying to Australians with superannuation: 'I will make you wait until you get more money?'" he said. "Joe Hockey is so out of touch with the needs of all Australians."

The government is concerned that four out of five Australians, once retired, would be receiving some form of government benefit by 2050.

Mr Hockey initially received a hostile reception from the audience in Penrith in Sydney’s western suburbs as he conceded the $7 Medicare co-payment introduced in the budget amounts to a new tax.

But he insisted the Abbott government had not lied to Australians that it would introduce no new taxes.